Rosengren: ‘Too Soon’ to Say Whether More Fed Action Needed

Federal Reserve Bank of Boston President Eric Rosengren said it’s “too soon” to tell whether the economy needs more stimulus from the central bank following a jobs report last week that is a “disappointment.”

“We’re still talking about what the appropriate exit strategy will be,” the regional bank chief said in an interview Monday with CNBC. “As to timing, it depends on how the incoming data come in.”

U.S. employers in May added just 54,000 payroll jobs in May, the fewest number of workers in eight months, Labor Department figures showed on June 3. Unemployment unexpectedly rose to 9.1 percent from 9 percent a month earlier.

“It’s too soon to determine what the next steps for monetary policy will be,” Rosengren said. He added that the U.S. should grow about 3 percent in the second half of the year.